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Creating Shareholder Value: A Guide for Managers and Investors
Alfred Rappaport Manufacturer: Free Press ProductGroup: Book Binding: Hardcover Similar Items:
ASIN: 0684844109 |
Amazon.com
Should a company's management be most accountable to employees, customers, or management itself? In Creating Shareholder Value, Alfred Rappaport argues that management's primary responsibility is to company shareholders. First published 12 years ago, the ideas put forth by Rappaport have since become commonplace in companies around the world.Rappaport eschews the most common measures of a company's performance, such as price-to-earnings ratios ("Cash is a fact, profit is an opinion"), return on investment, and equity measures, instead concentrating on developing a shareholder value approach that measures "value drivers" such as sales-growth rates, operating profit margins, and cost of capital. This revised and updated edition addresses the issues of corporate downsizing and the social responsibilities of business. It also includes new sections on the value of mergers and acquisitions and how to implement a shareholder value system. Both managers and investors alike will find this book useful.
Book Description
The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value for shareholders. Now, in this substantially revised and updated edition of his 1986 business classic, Creating Shareholder Value, Alfred Rappaport provides managers and investors with the practical tools needed to generate superior returns. After a decade of downsizings frequently blamed on shareholder value decision making, this book presents a new and indepth assessment of the rationale for shareholder value. Further, Rappaport presents provocative new insights on shareholder value applications to: (1) business planning, (2) performance evaluation, (3) executive compensation, (4) mergers and acquisitions, (5) interpreting stock market signals, and (6) organizational implementation. Readers will be particularly interested in Rappaport's answers to three management performance evaluation questions: (1) What is the most appropriate measure of performance? (2) What is the most appropriate target level of performance? and (3) How should rewards be linked to performance? The recent acquisition of Duracell International by Gillette is analyzed in detail, enabling the reader to understand the critical information needed when assessing the risks and rewards of a merger from both sides of the negotiating table.The shareholder value approach presented here has been widely embraced by publicly traded as well as privately held companies worldwide. Brilliant and incisive, this is the one book that should be required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.
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The ultimate test of corporate strategy, the only reliable measure, is whether it creates economic value for shareholders. Now, in this substantially revised and updated edition of his 1986 business classic, "Creating Shareholder Value", Alfred Rappaport provides managers and investors with the practical tools needed to generate superior returns. After a decade of downsizings frequently blamed on shareholder value decision making, this book presents a new and indepth assessment of the rationale for shareholder value. Further, Rappaport presents provocative new insights on shareholder value applications to: (1) business planning, (2) performance evaluation, (3) executive compensation, (4) mergers and acquisitions, (5) interpreting stock market signals, and (6) organizational implementation. Readers will be particularly interested in Rappaport's answers to three management performance evaluation questions: (1) What is the most appropriate measure of performance? (2) What is the most appropriate target level of performance? and (3) How should rewards be linked to performance? The recent acquisition of Duracell International by Gillette is analyzed in detail, enabling the reader to understand the critical information needed when assessing the risks and rewards of a merger from both sides of the negotiating table. The shareholder value approach presented here has been widely embraced by publicly traded as well as privately held companies worldwide. Brilliant and incisive, this is the one book that should be required reading for managers and investors who want to stay on the cutting edge of success in a highly competitive global economy.Customer Reviews:
Powerful promotion of shareholders' interests .......2007-08-07
Higher Understanding.......2007-01-08
Valuation Fundamentals.......2001-09-28
Good explanation of creating shareholder value, but..........1999-06-09
Nevertheless, the book was an easy read and many of his points were right on target. I would also highly recommend interested readers to check out "The Value Imperative" by Marakon Associates and "Valuation" by McKinsey & Co for more information on value based management.
MAKE MANAGING SHAREHOLDER VALUE A CORE COMPETENCY.......1999-04-01
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The Value Sphere: Secrets of Creating and Retaining Shareholder Wealth
John A. Boquist , Todd T. Milbourn , and Anjan V. Thakor Manufacturer: Value Integration Associates ProductGroup: Book Binding: Paperback Similar Items: ASIN: 0967556406 |
Customer Reviews:
Specific techniques to help re-invent business.......2001-01-16
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Competing for Customers and Capital
Victor J. Cook Jr. Manufacturer: South-Western Educational Pub ProductGroup: Book Binding: Hardcover Similar Items:
ASIN: 0324405979 |
Book Description
Not only do the goals of marketing departments often fail to match those of finance, they sometimes outright conflict. The two departments speak different languages, they have no clear link, and - bottom line - the markets for customers and investors are separate. But one innovative book can change everything. CREATING MARKET VALUE illustrates a cause-and-effect model of relationships between marketing and finance based on a common language, economic theory, and financial accounting data. This model links intangible assets to the market value of firms. Breaking with the tradition of valuing companies based on unrelated ratios and metrics, Dr. Victor Cook identifies three metrics that bind marketing and finance: the Value Sales Principle, the Rule of Maximum Earnings, and the Competitive Valuation Paradigm. These groundbreaking principles point to a model that unites important metrics from marketing and sales and adds to the understanding of exactly what drives the value of an organization.Customer Reviews:
A new perspective for assessing firm performance.......2006-08-22
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Outperform with Expectations-Based Management : A State-of-the-Art Approach to Creating and Enhancing Shareholder Value
Tom Copeland , and Aaron Dolgoff Manufacturer: Wiley ProductGroup: Book Binding: Hardcover Similar Items:
ASIN: 0471738751 |
Book Description
CEOs and managers live and die by delivering superior performance to shareholders. This is why expectations-based management has been developed. Outperform with Expectations-Based Management (EBM) introduces a revolutionary new performance metric that links performance standards, performance measurement, and the achievement of performance.It's easy to say that if a CEO can get performance measurement right, then performance improvement will follow. But what is the "right" measure of performance, and how do you use it to improve performance? Authors Tom Copeland and Aaron Dolgoff answer these questions and many more, as they show you how to find the measure of performance that has the strongest link to the creation of wealth for the owners of both public and private companies. They answer the puzzle of why growth in earnings is not correlated with shareholder returns and explain the under- and over-investment traps. And they explain how clear communications to investors and managers alike improve value.
The bottom line is that share prices go up when companies exceed expectations -- short-term and long-term -- of income statement and balance sheet performance and daily operating value drivers. Gain a complete understanding of EBM and discover how to do this, and much more, while staying competitive in an unforgiving business environment.
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CEOs and managers live and die by delivering superior performance to shareholders. This is why expectations-based management has been developed.Outperform with Expectations-Based Management (EBM) introduces a revolutionary new performance metric that links performance standards, performance measurement, and the achievement of performance. It's easy to say that if a CEO can get performance measurement right, then performance improvement will follow. But what is the ""right"" measure of performance, and how do you use it to improve performance? Authors Tom Copeland and Aaron Dolgoff answer these questions and many more, as they show you how to find the measure of performance that has the strongest link to the creation of wealth for the owners of both public and private companies. They answer the puzzle of why growth in earnings is not correlated with shareholder returns and explain the under- and over-investment traps. And they explain how clear communications to investors and managers alike improve value. The bottom line is that share prices go up when companies exceed expectations - short-term and long-term - of income statement and balance sheet performance and daily operating value drivers. Gain a complete understanding of EBM and discover how to do this, and much more, while staying competitive in an unforgiving business environment.Customer Reviews:
Repacking known concepts.......2007-08-02
A must to understand financial performance measurement.......2005-12-08
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Value Based Management: Developing a Systematic Approach to Creating Shareholder Value
James A. Knight Manufacturer: McGraw-Hill ProductGroup: Book Binding: Hardcover Similar Items:
ASIN: 0786311339 |
Book Description
Value Based Management brushes aside the often-confusing amalgam of quick-fix management potions, and gives you tested tips and strategies designed to turn your company into an equity-enhancing machine. This long-awaited book describes how, once you have seen and tried the hundreds of different management theories that abound today, one goal will always remain: Enhancing Shareholder Value. Companies that focus on creating and building value become focused, goal-oriented, and successful at building the powerful business machines that are required in todayÕs give-no-quarter competitive environment. Performance measurement consultant James A. KnightÕs eye-opening book provides convincing proof that strategies designed to maximize shareholder value can benefit everyone involved. With its clear-cut diagrams, explanations, and case histories, Value Based Management demonstrates how every decision your management team makes can consistently create shareholder value. Its comprehensive benefits include a clear definition of the nature of corporate value, and how the act of enhancing it can create positive reverberations throughout the entire company; examples of companies that have successfully managed for value and how they have done it, alongside examples of companies that failed to manage for value and how you can avoid their pitfalls; and explanations of how Value Added Management creates the optimal balance between short and long term decisions, and helps your managers balance the trade offs between improved levels of profit and greater growth. Like so many journeys, the toughest step when focusing your company on Value Management is the first step. Take that first step today! Read Value Based Management, focus on the strategy and business questions it raises, then think about how its solutions can be tailored to fit your company. Once you have begun to implement Value Based Management your shareholders, along with your customers and employees, will recognize and reap the profitable benefits of a value based corporate mindset.Customer Reviews:
Excellent introduction with detailed solutions.......1999-04-27
A very basic point of view.......1999-03-10
A must read book for companies striving for value creation.......1998-07-14
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Creating Shareholder Value (Spiro Business Guides)
David Crowther Manufacturer: Spiro Press ProductGroup: Book Binding: Paperback ASIN: 1904298591 |
Book Description
This book addresses the application creating shareholder value by providing a clear guide to the appropriate techniques and systems to adopt in the management of the creation of shareholder value.
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Authentic Leadership: Rediscovering the Secrets to Creating Lasting Value (Unabridged)
Bill George Manufacturer: audible.com ProductGroup: Book Binding: Audio Download Similar Items:
ASIN: B000EGFIO8 |
Customer Reviews:
One of the Best Leadership Books I've Read All Year!.......2007-02-02
Leadership with Integrity.......2006-01-01
A Compelling Invitation.......2004-06-04
"When beloved third-base coach Al Newman was hospitalized in Chicago this month because of a brain hemorrhage, general manager Terry Ryan remained with him for the entire 11-day stay. While Newman was hospitalized, the Twins clinched the Central title at home. Manager Ron Gardenshire stopped the postgame celebration, brought out Newman's uniform top and reminded the crowd of what he had done for the club."
If I understand George's key points in Authentic Leadership, both Ryan and Gardenshire offer examples of it. Specifically, they demonstrate "the highest integrity, [are] committed to building enduring organizations...who have a deep sense of purpose and are true to their core values...who have the courage to build their companies to meet the needs of all stakeholders, and who recognize the importance of their service to society." George addresses what he views as a need for new leadership when in fact the need is to increase the number of authentic leaders, not only in business but in government, religion, and the military. We need more men and women who "genuinely desire to serve others through their leadership...are more interested in empowering the people they lead to make a difference than they are in power, money, or prestige for themselves. They are as guided by qualities of the heart, by passion and compassion, as they are by qualities of the mind."
George invites, indeed urges his reader to "rediscover the secrets of creating lasting value" in literally all areas of contemporary life. On page 6, he poses a series of questions and then in the 17 chapters and Epilogue which follow, he responds to each. However insightful those responses may be, and they are, I think the primary purpose of the questions is to guide and inform each reader's consideration of the various issues which those questions suggest. With all due respect to what George so generously shares from his own life and career, the nature and extent of the reader's own engagement in self-exploration will ultimately determine the value of this book.
The material is exceptionally well-organized. The quality of writing is first-rate, and especially effective because of the conversational tone of George's observations and suggestions. Although there are frequent references in this book to "companies," the questions posed and the issues associated with them are also directly relevant to all other organizations (regardless of size or nature) in which there is a compelling need for authentic leaders. Daily, it seems, there is evidence of such need in news accounts of corruption in all areas of our society. Corporate executives are indicted and convicted of fraud. Officers in the military are demoted, discharged or, in some instances, imprisoned as are clergy in various denominations. Although the reasons for their behavior vary, all of them betrayed the trust of those to whom they were accountable and for whom they were responsible.
Authentic leaders are first and foremost authentic human beings. For me, this is George's key point and because it seems so obvious, it may also seem simplistic. On the contrary, he has cut through all the rhetoric and urges his reader to examine her or his core values. For most of us, that is an immensely difficult, perhaps painful experience. In this context, I am reminded of the fact that in The Inferno, Dante reserved the last and worst ring in hell for those who, in a moral crisis, preserve their neutrality. Throughout all manner of organizations, there are women and men who are authentic leaders and should be commended. The reality is, their respective organizations need more of them. More to the point, all of us in our global community need more of them. In his unique and compelling book, George challenges us to join their number.
Insightful!.......2004-04-23
There is a better way to lead: Ethical Leadership.......2004-03-14
Bill George has written an inspiring book for all who aspire to be good leaders. He states his case for authentic leadership: values centered and performance oriented, using a candid and open style. He writes about his many experiences in a leadership role: as CEO of Medtronic, and with Litton, and Honeywell - describing challenges leaders face and how they deal with them.
Personally, I like to read and understand more about leadership - what is being a good, effective leader. This book appeals to me because it seems to confirm what I feel is important about being a good business leader: "Good leaders are people of the highest integrity, true to their core values, with the courage to build enduring organizations to meet the needs of all their stakeholders, and who recognize the importance of their service to society" (Bill George, slightly re-written).
I recommend this book to all who wish to understand more about leadership, and what it is to be a good leader.
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Capturing the innovation premium: ingenuity is the key to creating customer and shareholder value. But to succeed, you have to be willing to break the ... An article from: Chief Executive (U.S.)
Jennifer Pellet Manufacturer: Chief Executive Publishing ProductGroup: Book Binding: Digital ASIN: B0008ETZ0Y Release Date: 2005-07-30 |
Book Description
This digital document is an article from Chief Executive (U.S.), published by Chief Executive Publishing on June 1, 2002. The length of the article is 4228 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.
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Creating Shareholder Value
Alfred Rappaport Manufacturer: Free Press ProductGroup: Book Binding: Hardcover ASIN: B000GRM80W |
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Creating Shareholder Value: Impossible Dream or Achievable Business Objective?(empowering employees leads to profits): An article from: Canadian Manager
Tim Davis , and Michael J. Landa Manufacturer: Canadian Institute of Management ProductGroup: Book Binding: Digital ASIN: B0008IXCTU Release Date: 2005-07-28 |
Book Description
This digital document is an article from Canadian Manager, published by Canadian Institute of Management on June 22, 2000. The length of the article is 2504 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Books:
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